Ted Siedle and Matt Taibbi: 13 Who Made a Difference in RI in 2013

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Ted Siedle and Matt Taibbi: 13 Who Made a Difference in RI in 2013

RI's pension reform gets national attention: Columnists Ted Siedle and Matt Taibbi.
Rhode Island pension reform came under national attention in 2013, when former SEC lawyer and Forbes Columnist Edward Siedle first wrote in April a column entitled "Rhode Island's Public Pension Reform Looks More like a Feeding Frenzy" for the financial publication -- which was then followed up by "RI Pensioners 3% COLAs will go to pay Wall Street 4%+ Fees." Soon Rhode Island's pension reform -- and General Treasurer Gina Raimondo -- faced intense scrutiny in both the national and local press.

The heat was turned up even further whenRolling Stone star reporter Matt Taibbi, who'd written such articles as "How Wall Street Killed Pension Reform" and "Bank of America: Too Crooked to Fail," turned his critical eye on Rhode Island when he wrote "Looting the Pension Funds."

Taibbi wrote, "The rap was so convincing at first that the overwhelmed local burghers of her little petri-dish state didn't even know how to react. "She's Yale, Harvard, Oxford – she worked on Wall Street," says Paul Doughty, the current president of the Providence firefighters union. "Nobody wanted to be the first to raise his hand and admit he didn't know what the f--k she was talking about." A back and forth ensued between Raimondo and Taibbi following the article, with both sides digging in their heels on the issue.  

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In October, Siedle released the results of his investigation into the Rhode Island pension fund in a 100 plus page report. "Rhode Island Pension Reform: License to Steal" where Sieldle called for a federal investigation regarding a number of issues relating the "withholding of material information and misrepresentations regarding state pension costs, as opposed to a lack of knowledge about the exponential growth and magnitude of the fees (tied to Wall Street Hedge Funds)."

Amidst the glare, the General Treasurer stayed strong, garnering support from Institutional Investor Magazine in way of winning their Small Public Plan of the Year and posting the highest fundraising totals ever by a candidate in a quater. The question now is whether the SEC will heed the calls for an investigation into the RI pension system in 2014.


13 Who Made a Difference in RI in 2013

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